Bloomberg Talks US Senator Peter Welch of Vermont Talks CBO’s New Tax and Tariff Estimates
Jun 4, 2025
Peter Welch, the Democratic Senator from Vermont and a key member of the Senate Finance Committee, delves into the Congressional Budget Office's findings on President Trump's ambitious tax and tariff proposals. He highlights a staggering projected $2.4 trillion deficit and critiques the idea of eliminating the debt ceiling. The conversation also touches on the complexities of tax cuts and their effects on Canadian trade relations, as well as the challenges in stabilizing costs for essential materials impacting farmers and manufacturers.
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Tariffs Cost U.S. Consumers
- Tariff revenue is essentially paid by American businesses and consumers, not foreign governments.
- Tariffs increase costs for farmers and manufacturers, contradicting claims that foreign countries bear them.
Support for Abolishing Debt Ceiling
- Senator Welch supports abolishing the debt ceiling as President Trump suggested.
- He criticizes the debt ceiling as a recurring problem rather than a solution.
Tax Cuts Increase Debt and Rates
- The tax bill increase in debt will lead to higher interest rates, hurting consumers and businesses.
- Cuts threaten health care, nutrition programs, and Affordable Care Act coverage.